United Merchant Services, Inc, Secures Funding From The Goldman Sachs Group, Inc.
Hackensack, New Jersey, September 19, 2013 – United Merchant Services, Inc. (“UMS”), a leader in payment processing and POS systems, announced today that it has secured funding from The Goldman Sachs Group, Inc. (NYSE: GS). Proceeds will be used to further enhance the Company’s technology platform, client services, and sales by expanding its geographical footprint worldwide.
“We are very excited about this investment,” said Jay Yoon, CEO / President of UMS. “It provides us with the financial flexibility to move forward with transforming our current payment gateway services to include front end transaction processing. This will in turn allow us to tap into new markets to further diversify our merchant portfolio. We also plan on growth through acquisitions to capitalize on economies of scale and synergies that will provide more channels and outlets for our products and technologies.” Yoon added, “UMS has achieved remarkable growth in the past three years, and this relationship will help UMS continue its momentum to becoming an industry leading processing company. We look forward to the challenges ahead.”
“UMS is one of the fastest growing payment processing companies in the industry. The Company’s unique technology coupled with the senior management’s vision is distinctive and positioned to drive significant growth. We look forward to working with UMS and growing its market presence,” said Clayton Main, Vice President of The Goldman Sachs Specialty Lending Group.
UMS, in conjunction with UP Solution®, the Company’s wholly owned POS subsidiary, continues to develop innovative products and solutions for businesses. UMS’ most recent service, UP CloudSM, provides data back-up services that allows merchants to restore their POS systems minutes after a system failure. This service is available for all UP Solution® software. For more information about UMS or UP Solution®, please contact info@unitedmerchant.com.
About United Merchant Services, Inc.
United Merchant Services, Inc. (“UMS”) is a comprehensive payment processor for merchants nationwide. UMS provides loyalty and gift card (www.flexgift.com), as well as a full line of POS products and services (www.upsolution.com). Founded in 1994, the company is headquartered in New Jersey with offices in California, Texas, Georgia, and Seoul, Korea. For more information on UMS, please visit www.unitedmerchant.com.
About The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. For more information on Goldman Sachs, please visit www.gs.com.